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GOVERNMENT took another step in enhancing the country’s
competitiveness as an investment destination when it
signed a memorandum of agreement Wednesday with 28
agencies toward enhancing their system of linkages and
networking for the speedy handling of investor-related
concerns.
Trade
Secretary Peter Favila said this is another initiative
recommended by the semipublic National Competitiveness
Council to increase the country’s investments rate to 30
percent of GDP from the current 15 percent.
Under
the agreement, the 28 agencies will be clustered into a
broad investment promotion unit, with the Board of
Investments acting as coordinator.
The
Board will monitor and document investment-related
issues and concerns referred to the promotion unit to
ensure prompt and accurate response, and then update the
investors on the status of the referrals made.
The 28
agencies include among others the Departments of Trade
and Industry and of Finance, Bangko Sentral ng Pilipinas,
Customs, Internal Revenue, Department of Agriculture, of
Energy, and of Foreign Affairs, Immigration, Department
of Labor and Employment and of Tourism, Land Use
Regulatory Board, Manila International Airport Authority
and Securities and Exchange Commission.
The IPUs
are mandated to act on investment issues and concerns
within 72 hours. Public officials and employees are to
act on letters and requests not later than the 15
working days prescribed under RA 6713 or the Code of
Conduct and Ethical Standards for Public Officials and
Employees.
These
units are mandated to expedite the approval of permits,
licenses and other documents needed by businessmen in
putting up investment projects.
The CSC
will periodically assess the performance of Investment
Promotion Units (IPUs) and recommend possible
developmental interventions to improve work efficiency.
Favila
said the agreement aims to improve the delivery of
government services to investors. “By this agreement, we
are making sure that government is clearing barriers in
the economic growth of the country. Businessmen will
find it easier to locate their operations in the
country.”
--M. V. de Leon |
